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As the BTC price descends back to the $95,000 line, the Altcoin market is experiencing sharp pullbacks after several weeks of rallies. This is the case of the World token (formerly Worldcoin).
At the time of writing, WLD price is trading at $2.66, with heavy daily losses of 20.8%, weekly losses of 16.9%, and monthly gains of 19.4%.
Thus, WLD suffers a great decline that began at the level of 4.18 USD (on December 6) and extended to the level of 2.59 USD, today, December 10.
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What factors push WLD down?
The price of WLD is being driven downward by a number of factors, but chief among them is the pullback experienced by the overall Cryptocurrency market.
The total capitalization of the crypto market showed a decrease in the last 24 hours of 4.84%, falling to 3.37 trillion dollars in total capitalization.
In this context, the general decline is to a certain extent “natural”, since after significant rebounds it is common for prices to present corrections.
Beyond the general correction, we also find an upcoming strong unlocking of WLD tokens, since World plans to launch 37.23 million tokens on the market, valued at the current price at around $100 million.
Another major factor that could be sending WLD price lower is the launch of Sora, OpenAI’s video-generating artificial intelligence.
Yesterday Sam Altman, founder of OpenAI and World, surprised the technology world with the launch of Sora, a tool that will allow you to convert text into videos.
This release had been expected for months, however, the presentation was not without criticism due to the quality of the videos generated and several errors in the generation.
While it is true that we are at a fairly early stage in judging Sora, several experts point out that other text video generation tools offer a better service and have already taken the lead over Sora.
WLD Chart Analysis: Important Levels
The WLD chart shows a clear correction, which is at its peak right now.
The token lost a key support level by falling below $2.70, although bulls are trying to reclaim and establish support at that line.
But if the bearish momentum continues, the price could find support at the 2.5 USD mark, which appears to be strength, but if the fall continues, the price would seek a floor at levels as low as 2.24 USD.
In the short term the above range is the strongest, but further down there is another solid support level at the $2 level.
Regarding resistances, undoubtedly 3.0 USD is an important level where the bears have control, but if it is surpassed and the price is established there, the price would continue to face resistance at levels such as 3.2 USD or the EMA 20 and 3 .6 USD.
The $4 resistance is not only an important psychological level, but a range that the bulls could not sustain and which led to the current pullback. Apparently, this level corresponds to a selling zone.
The RSI at 23 in this context shows that the token is in oversold territory, therefore, Technically, it is the favorable scenario for a rebound.
The World ecosystem continues to grow
The World ecosystem continues to grow with new applications:
In recent days, this platform has seen the introduction of new cryptocurrency wallets and also memecoins. Although most of these projects are in beta phase and many are not functional yet.
The number of verified users reached 19 million, with an increase of 8 million users in the last month.
In addition, it is worth noting that, taking into account the price performance of WLD in the last 3 months, this token has gains of over 80%.
This is data that can be interpreted as bullish, however, the strong unlocking of tokens drives the price of WLD downward despite the favorable context.
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